LSV Asset Management Sells 6,300 Shares of Aceto Corp. (ACET)
LSV Asset Management cut its stake in shares of Aceto Corp. (NASDAQ:ACET) by 48.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,800 shares of the company’s stock after selling 6,300 shares during the period. LSV Asset Management’s holdings in Aceto Corp. were worth $148,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Arizona State Retirement System raised its position in Aceto Corp. by 3.4% in the first quarter. Arizona State Retirement System now owns 15,049 shares of the company’s stock valued at $355,000 after buying an additional 500 shares during the last quarter. Legal & General Group Plc raised its position in Aceto Corp. by 22.0% in the first quarter. Legal & General Group Plc now owns 5,010 shares of the company’s stock valued at $119,000 after buying an additional 905 shares during the last quarter. Swiss National Bank raised its position in Aceto Corp. by 2.7% in the second quarter. Swiss National Bank now owns 49,700 shares of the company’s stock valued at $1,088,000 after buying an additional 1,300 shares during the last quarter. Capstone Asset Management Co. raised its position in Aceto Corp. by 12.0% in the second quarter. Capstone Asset Management Co. now owns 12,440 shares of the company’s stock valued at $272,000 after buying an additional 1,330 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Aceto Corp. by 45.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,713 shares of the company’s stock valued at $111,000 after buying an additional 1,480 shares during the last quarter. 86.85% of the stock is owned by institutional investors and hedge funds.
Shares of Aceto Corp. (NASDAQ:ACET) traded up 0.85% during mid-day trading on Tuesday, reaching $18.95. 218,310 shares of the company traded hands. The company has a market capitalization of $561.83 million, a P/E ratio of 16.06 and a beta of 1.36. The firm’s 50 day moving average price is $22.35 and its 200-day moving average price is $22.70. Aceto Corp. has a 52-week low of $18.25 and a 52-week high of $32.20.
Aceto Corp. (NASDAQ:ACET) last announced its earnings results on Thursday, August 25th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.39 by $0.04. Aceto Corp. had a net margin of 6.22% and a return on equity of 15.39%. The firm earned $135.40 million during the quarter, compared to analyst estimates of $146.71 million. During the same period in the previous year, the firm posted $0.40 EPS. The company’s revenue for the quarter was down 7.6% compared to the same quarter last year. Equities analysts predict that Aceto Corp. will post $1.53 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 20th. Investors of record on Friday, September 9th will be paid a $0.065 dividend. This is an increase from Aceto Corp.’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.26 annualized dividend and a yield of 1.37%. Aceto Corp.’s payout ratio is presently 22.03%.
Several research analysts have recently commented on the stock. Zacks Investment Research raised shares of Aceto Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, August 2nd. Craig Hallum reissued a “buy” rating on shares of Aceto Corp. in a research note on Monday, August 29th.
In other news, insider Frank Debenedittis sold 4,580 shares of the company’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $19.85, for a total transaction of $90,913.00. Following the completion of the transaction, the insider now owns 76,995 shares of the company’s stock, valued at approximately $1,528,350.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Steven Rogers sold 3,275 shares of the company’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $22.50, for a total transaction of $73,687.50. Following the transaction, the vice president now directly owns 11,943 shares of the company’s stock, valued at approximately $268,717.50. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.
Aceto Corp. Company Profile
Aceto Corporation (Aceto) is engaged in marketing, sales and distribution of finished dosage form generic pharmaceuticals, nutraceutical products, pharmaceutical active ingredients and intermediates, specialty performance chemicals inclusive of agricultural intermediates and agricultural protection products.
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